When considering the underbanked market, many financial institutions err on the side of caution and forgo potential revenue. At FIS, we eliminate the likelihood of risk. For example, our Second Chance Checking product monitors the behaviors of previously unfit customers to determine whether they should qualify for a new checking account. This information enables you to give deserving customers a second chance while avoiding exposure to high-risk accounts.
Another ideal product for the underbanked is Payroll Check Cashing. When a customer enters your branch to cash a payroll check, he can choose to put the money on a prepaid card. The card, which is now the customer’s main form of payment, is branded for your institution through our card production facilities. And now you generate interchange fees and fee income every time the customer uses that prepaid card for a transaction.
Further, our prepaid cards are now integrated with FIS' Online Bill Pay product. Customers can pay their bills online at their convenience – generating additional fee income for you. Not only that, but customers can also sign up for mobile banking, giving them the ability to manage accounts and receive alerts on their mobile devices. And, for an additional fee, customers can sign up for an expedited payments service that offers them the ability to pay bills instantaneously for a small fee.
With our Western Union® partnership, FIS offers international remittance that doesn’t require manual check writing and processes. And, this is only a portion of what we can do to help you serve this market.
Learn more about the FIS products and services we offer to help you serve the underbanked:
We would enjoy the opportunity to answer any questions you may have. Please call us at 1.800.822.6758 at your earliest convenience. We look forward to speaking with you.